Sears Canada announces sale of Cantrex Group

TORONTO, April 24, 2012 /PRNewswire/ - Sears Canada Inc. (TSX: SCC) announced
today the agreement to sell its Cantrex Group operations to Nationwide
Marketing Group, LLC. Sears Canada will be maintaining ownership of
Corbeil Electrique Inc., a well-recognized brand in the major appliance
retail market.

Cantrex was purchased by Sears Canada in 2005 in order to further
develop its merchandising, buying, and logistics services in the
furniture and appliance sectors. Corbeil became part of the Sears
portfolio through this purchase and recently Sears has announced its
plans to expand Corbeil's operations to the Greater Toronto Area this
year.

The administrative operations of Cantrex have been housed in the Sears
Canada logistics centre located in Montreal (QC). Sears Canada and
Cantrex associates will continue to share the facility, along with
facilities in Vaughan (ON) and Vancouver (BC), and there will be no
immediate impact upon their day-to-day duties.

"We are grateful to all our associates involved with Cantrex over the
years, and proud of how the organization has established itself as a
leader in the marketplace," states Peter Kalen, Senior Vice-President,
Sears Financial and Home Services and Cantrex president. "Nationwide
represents the best in the industry and Cantrex fits perfectly with
their business. We wish them all the best in the future."

The transaction is expected to close by the end of the month.

Sears Canada is a multi-channel retailer with a network that includes
196 corporate stores, 285 hometown dealer stores, 30 home services
showrooms, over 1,700 catalogue merchandise pick-up locations, 108
Sears Travel offices and a nationwide home maintenance, repair, and
installation network. The Company also publishes Canada's most
extensive general merchandise catalogue and offers shopping online at www.sears.ca